Thurston County Market Conditions with Don Manzer: September 2020

We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of September 2020.  If you would like real estate advice or help, then give Don a call. He continues to be ready to help any of the readership, or their friends, with their real estate needs.

Our market is still incredibly under supplied, homes are selling off the charts fast, all of which results in lots of froth and unusual actions in the marketplace.

Thurston County, September 2020, Residential List Prices

Inventory is at a new low from the decades that the author has been keeping records.  We currently have only 256 homes for sale in the county.  Of those 44 are new construction, sometimes not yet even built.  That amount is a mere 18 days of inventory at the rate the deals occur.  Balanced markets occur with 4 to 6 months of inventory.  We are far from that.  Our inventory level is triggering buyers to be frantic and stressed.

Thurston County September 2020, Inventory

The current number of deals in the county is 922, up 10% year over year.  That level is higher than all but 2016 and 2017 of the prior decade.  Average days on market for the inventory is only 49 days.  The median price of the inventory is $479,950, up 14.5% from a year ago.  Months/days of inventory for homes priced below $450k is 12 days.  For homes priced above $450k it is 45 days.  Buyers are forced to often bid over list prices, and to make decisions before they are really ready.

Thurston County September 2020, Supply & Demand

The Last 12 Months at a Glance

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Homes
Available Home Inventory
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Months
Average Months of Inventory
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Average 30 Year Fixed Mortgage Rate

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It is a great time to be a seller, and a time when buyers need help inorder to be competitive.  Again with the virus it is still possible to do real estate business, just more awkward.  If you would like any real estate advice then give Don a call.  Enjoy September.

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